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WHAT IS DIFF. IN VAT & SALE TAX?
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Answer / guest
vat means value added tax ,meaning a tax is imposed at every
level whenever value is added to the commodity.
Input credit is being allowed to registered dealer on the
commodity on which he is liable to charge vat on sales of
the same commodity if he has already paid vat on purchase on
input material for making that commodity.its
The basic purpose of introducing vat is to curb the practice
of dealer of tax evasion on sales & there by making it
advantageous to various parties like Dealers, Consumers,
Govt .Dealers now can claim input credit,three will be
general fall in price of goods because now there will be vat
instead of others taxes & more revenue to govt.
Sales tax is on sales of goods its one point tax . input tax
credit is not available in respect of tax paid at earlier
points.
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24 Answers Godrej, SSK, TCS,
basic knowledge of accounting ?
I am a civil Engineer consultant. On an item for example Rs.100, I am adding 4%WCT ie., Rs.4 and I am certifying the contractor bill for Rs.100.00 + Rs.4.00 = Total Rs.104.00. But my client is deducting 4% on Rs.104.00 ie., Rs. 4.16. So, finally contractor is losing Rs. 0.16 on Rs. 100 which amounts to lakhs on the project value. Can you please guide me on this? Santosh Kumar
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